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Redfin launches new home-value estimate tool for US homeowners

The forward-think real estate brokerage, Redfin has recently launched its latest product, Redfin Owner Estimate. This tool will allow homeowners to create an estimate for their home's value based on the preexisting knowledge they have about their property by using the same core machine-learning engine that powers the Redfin Estimate. Owners can provide input on their homes that will help them give an incredibly accurate estimate of its values with the use of this new tool.

"The Redfin Estimate is the most accurate online estimate for on-market homes, but no amount of cloud-computing power can replace a homeowner's firsthand knowledge about their own home and neighborhood," said Matt Lerner, Redfin's senior vice president of product and design. "By combining the best of both human insight and machine learning, the Redfin Owner Estimate gives homeowners more say in determining their home's estimated value."

An Owner Estimate can be created by the homeowner of any off-market or recently sold home. To create an Owner Estimate, the homeowner goes through a step-by-step process to update home facts and provide input on completed renovations, such as whether the homeowner has added any bedrooms or bathrooms. The homeowner then selects at least five comparable homes from a list of 25 recently sold homes in the area. Redfin uses these selections to calculate the Owner Estimate. Once created, the homeowner can keep the Owner Estimate private or choose to post it publicly above the Redfin Estimate on their home's details page on Redfin.com.

"One of the most frequent requests we get from homeowners is to be able to provide their own input and additional information that could impact the estimated market value of their home," said Karen Krupsaw, senior vice president of real estate operations who oversees the home-selling business at Redfin. "The Redfin Owner Estimate puts the power of our proven machine-learning algorithm into the hands of consumers, so they can have a more accurate picture of their home's value whether they are preparing to sell or simply want a better understanding of their equity."

SSRS did an independent study on the tool and found that the Redfin Estimate was the most accurate online estimate for on-market homes out of all estimate tools by leading providers of public home-value estimates.